Sensor Tower’s latest report shows that the global AI application market will continue to grow explosively in 2024. Revenue in the first eight months increased by 51% year-on-year, exceeding US$2 billion, and is expected to reach US$3.3 billion for the full year. The North American market contributed 47% of the revenue, while India emerged as the largest market by downloads. The report provides a detailed analysis of the download volume, revenue sources and market performance of different types of applications of AI applications, providing valuable data for us to understand the development trends of the AI application market.
According to Sensor Tower's latest report "2024 AI Application Market Insights", the global AI application market will continue to maintain strong growth momentum in 2024. In the first eight months of 2024, global AI application revenue increased by 51% year-on-year, exceeding the US$2 billion mark, and full-year revenue is expected to reach US$3.3 billion.
The report pointed out that the downloads and revenue of AI applications mainly come from the North American market, while India has become the market with the largest downloads, accounting for 21% of the total global downloads. The North American market has become the most profitable region for AI applications with a revenue contribution rate of 47%.
In the field of AI applications, Chatbot applications and image editing applications occupy the Top 30 in the global download list. OpenAI’s “ChatGPT” has become the leader in the AI application market with more than 160 million downloads and nearly $230 million in revenue. In addition, Bending Spoons' image editing application "Remini" has also become popular on social networks for its AI avatar generation function and AI clay filters, with more than 120 million downloads.
The AI+Chatbot application has been downloaded more than 630 million times from January to August 2024, and its in-app purchase revenue is close to US$580 million, far exceeding the level for the whole of 2023. Emotional companionship AI applications are also popular among young users. Among them, the proportion of users aged 18-35 in popular applications such as "Character AI" and "Talkie AI" exceeds 70%.
All in all, the AI application market has broad prospects. Chatbot and image editing applications lead the market trend, and future development is worth looking forward to. The market performance of different regions varies significantly, which also provides companies with a reference for differentiated development strategies.